Valeant Pharmaceuticals International (VRX) is scheduled to report earnings on Feb. 28, and analysts haven’t been shy about making their opinions on the stock known before judgment day. Barclays pointed to the need for Valeant to make enough money to avoid violating its debt covenants, while Guggenheim predicted Valeant would meet or beat “sales expectations for the base business.” Stifel also weight in positively. And now, RBC’s Douglas Miehm and Joel Hurren have weighed in, arguing that the focus will be on Valeant’s 2017 EBITDA guidance–and that anything below $3.75 billion would be bad news: